WM Motor
Electric vehiclesChina
New to Unitard
π Dead / Bankrupt
PeakΒ $5.7 BillionToday
~-100%
from peak
- π¦Became a unicorn2017
- πPeak valuation$5.7 Billion β21
- πBecame a UnitardOct 2023
- πΈLast valuationWiped out
π₯ Raised & burned
$5.3B
Total raised
$1.75M/day
Burned Β· 8.3y alive
Funding: Electrek/TechCrunch
Current status
Bankruptcy / restructuring (Oct 2023)
The rise & fall
6 moments Β· 2015β2023The key moments.
2015
2015
Founded by an ex-Geely executive
Freeman Shen sets up WM Motor ('Weltmeister') to build mass-market EVs in China.
Reuters
2017
2017
Joins the unicorn club
Backing from Baidu and Tencent makes it one of China's best-funded EV challengers.
Reuters
2021
2021
The peak: ~$5.7B$5.7B
More than $5.3B raised lifts the valuation to about $5.7B.
Reuters
2022β23
2022β23
Price war, weak deliveries, stalled IPO
A Hong Kong listing attempt goes nowhere while discounting rivals drain its capital.
Reuters
Oct 2023
Oct 2023
Bankruptcy restructuring β joins the Unitard Club π
WM Motor files for bankruptcy restructuring, its cash exhausted.
Reuters
$5.7Bof peak value erased Β· 8 years
How it happened
WM Motor was one of China's best-funded EV startups, backed by Baidu and Tencent and raising more than $5.3B toward a valuation around $5.7B. Price wars, weak deliveries and a stalled IPO drained its capital. WM Motor filed for bankruptcy restructuring in October 2023.
Source: Reuters; raised >$5.3B
